Switch up your money mindset when growing your small business.

TLDR:

• Success rates among businesses are low, with many failing within the first few years of operation.
• Creating a BAIL team, focusing on managing cash flow, and maintaining accurate accounting records are essential for scaling a small business.

When scaling a small business, it’s important to focus on your financial mindset and make strategic shifts to ensure long-term success. Despite the growth of women-owned businesses, they still face challenges when it comes to scaling compared to their male counterparts. Creating a BAIL team consisting of a banker, accountant, insurance provider, and lawyer can provide valuable expertise and guidance. Managing cash flow is crucial as businesses scale, ensuring that there is enough cash to cover expenses while waiting for revenue. Maintaining accurate accounting records is essential for attracting investors and potential buyers in the future. By pivoting your financial mindset and implementing these strategies, small businesses can increase their chances of success and sustainability.